Are you looking for a way to help increase revenue within your tax business without breaking the bank? Want an easier way to get clients their refunds? Bank products can easily increase your revenue and help your clients get their refunds faster at no upfront cost!
How do tax bank products work?
Once you confirm that your client is owed a refund, they can choose to use a bank product to receive that refund. Bank products are added to your client’s tax return, allowing their refund to come through a refund settlement bank instead of directly from the IRS. The bank will disburse your tax preparation fee to you and send the remaining refund directly to your client. In addition, many refund settlement banks offer additional options like refund advances.
How can bank products increase your revenue?
Attract more clients with easy payment options and advanced refunds
The most significant benefit of bank products is their ability to attract more clients to your tax business. Because the banks distribute your preparation fee directly from your client’s refund, your clients can use your services at no out-of-pocket cost, an attractive option for those who can’t or don’t want to pay upfront. Bank refunds can be disbursed as a direct deposit, check, prepaid card, or even fast cash depending on the bank.
Many refund settlement banks also offer your clients an advance on their refund of up to $2000, sometimes with no interest. Some of our partnered banks even allow you to offer your clients a loan before their return has even been acknowledged by the IRS, allowing you to advertise the fastest refunds possible.
Get rebates from TaxSlayer Pro and your bank
Choosing to use bank products can also help increase your revenue with rebates. You have the potential of getting a rebate from your selected bank at the end of each tax season. This can go towards software renewal or even updates around your tax office.
Improve cash flow
Your tax preparation fees are collected directly from your client’s refund by the bank and deposited into any account you designate. You don’t have to worry about chasing down payment, freeing up your time and improving your cash flow.
How can you get started with bank products?
TaxSlayer Pro partners with some of the leading refund settlement banks, so you can choose which bank is right for you. Check out our exclusive guide to Bank Products for Tax Preparers or call your sales rep for more information on the banks we partner with today!
Once you’ve chosen the refund settlement bank that is right for you, you can follow these instructions to submit bank applications directly through your TaxSlayer Pro software.
The information in this article was last updated on June 6, 2022.